Primoris Services Corp PRIM
Primoris Services Corporation ("Primoris", the "Company", "we", "us", or "our") is a leading provider of critical infrastructure services operating mainly in the United States and Canada. We provide a wide range of construction, maintenance, replacement, and engineering services to a diversified base of customers through our two segments: Utilities and Energy. The structure of our reportable segments is generally focused on broad end-user markets for our services.
We have longstanding customer relationships with solar facility developers, power producers, gas and electric utilities, refining, petrochemical, communications, midstream, downstream, and engineering companies, as well as transportation agencies across our core markets. We provide our services to a diversified base of customers, under a range of contracting options. A portion of our services are provided under Master Service Agreements ("MSA"), which are generally multi-year agreements. The remainder of our services are generated from contracts for specific construction or installation projects.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.57B | $6.37B | $5.72B | $4.42B | $3.50B | $3.49B | $3.11B | $2.94B | $2.38B | $2.00B |
| Cost of revenue | $6.76B | $5.66B | $5.13B | $3.96B | $3.08B | $3.12B | $2.78B | $2.61B | $2.10B | $1.80B |
| Gross profit | $813.1M | $703.2M | $587.5M | $456.9M | $416.7M | $370.2M | $330.9M | $325.7M | $278.4M | $201.3M |
| SG&A | $399.2M | $383.3M | $328.7M | $281.6M | $230.1M | $202.8M | $189.1M | $182.0M | $170.4M | $140.0M |
| Operating income | $411.5M | $317.4M | $253.1M | $195.3M | $170.2M | $163.9M | $140.9M | $130.5M | $106.3M | $57.7M |
| Interest expense | — | — | — | — | — | $20.3M | $20.1M | $18.7M | $8.1M | $8.9M |
| Pre-tax income | $384.0M | $254.9M | $177.6M | $159.3M | $151.9M | $145.6M | $117.9M | $113.4M | $105.3M | $48.9M |
| Income tax | $109.1M | $74.0M | $51.5M | $26.3M | $36.1M | $40.7M | $33.8M | $25.8M | $28.4M | $21.1M |
| Net income | $274.9M | $180.9M | $126.1M | $133.0M | $115.7M | $105.0M | $82.3M | $77.5M | $72.4M | $26.7M |
| EPS, basic | 5.09 | 3.37 | 2.37 | 2.50 | 2.19 | 2.17 | 1.62 | 1.51 | 1.41 | 0.52 |
| EPS, diluted | 5.02 | 3.31 | 2.33 | 2.47 | 2.17 | 2.16 | 1.61 | 1.50 | 1.40 | 0.51 |
| Shares, diluted (wtd. avg.) | $54.8M | $54.6M | $54.2M | $53.8M | $53.2M | $48.6M | $51.1M | $51.7M | $51.7M | $52.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $535.5M | $455.8M | $217.8M | $248.7M | $200.5M | $326.7M | $120.3M | $153.3M | $170.4M | $135.8M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $0 |
| Receivables | $723.4M | $834.4M | $685.4M | $663.1M | $471.7M | $432.5M | $404.9M | $372.7M | $291.6M | $388.0M |
| Inventory | — | — | — | — | — | — | — | — | $40.9M | $49.2M |
| Total current assets | $2.33B | $2.16B | $1.89B | $1.70B | $1.18B | $1.12B | $912.7M | $924.4M | $743.2M | $731.1M |
| Property, plant and equipment | $531.2M | $488.2M | $475.9M | $493.9M | $433.3M | $356.2M | $375.9M | $375.9M | $311.8M | $277.3M |
| Goodwill | $856.9M | $856.9M | $857.7M | $871.8M | $581.7M | $215.1M | $206.2M | $206.2M | $153.4M | $127.2M |
| Other intangibles | $190.2M | $207.9M | $227.6M | $249.4M | $171.3M | $61.0M | $69.8M | $81.2M | $44.8M | $32.8M |
| Total assets | $4.41B | $4.20B | $3.83B | $3.54B | $2.54B | $1.97B | $1.83B | $1.59B | $1.26B | $1.17B |
| Accounts payable | $744.3M | $624.3M | $629.0M | $535.0M | $273.5M | $245.9M | $236.0M | $249.2M | $140.9M | $168.1M |
| Short-term debt | $60.9M | $74.6M | $72.9M | $78.1M | $67.2M | $47.7M | $55.7M | $62.5M | $65.5M | $58.2M |
| Total current liabilities | $1.85B | $1.67B | $1.34B | $1.14B | $759.1M | $764.4M | $670.4M | $621.8M | $454.9M | $449.9M |
| Long-term debt | $409.0M | $660.2M | $885.4M | $1.07B | $594.2M | $268.8M | $295.6M | $305.7M | $193.4M | $203.2M |
| Total liabilities | $2.73B | $2.79B | $2.59B | $2.44B | $1.55B | $1.25B | $1.20B | $987.2M | $693.6M | $672.0M |
| Retained earnings | $1.39B | $1.13B | $961.0M | $847.7M | $727.4M | $624.7M | $531.3M | $461.1M | $396.0M | $335.2M |
| Total equity | $1.68B | $1.41B | $1.24B | $1.11B | $990.1M | $714.8M | $629.5M | $607.0M | $562.2M | $498.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $470.4M | $508.3M | $198.5M | $83.3M | $79.7M | $313.0M | $118.9M | $126.8M | $188.9M | $62.6M |
| Depreciation and amortisation | $91.9M | $95.5M | $107.0M | $99.2M | $105.6M | $82.5M | $85.4M | $79.2M | $57.6M | $61.4M |
| Stock-based compensation | $20.6M | $15.1M | $11.8M | $7.4M | $10.5M | $2.3M | $1.6M | $1.3M | $1.1M | $1.6M |
| Capital expenditure | $129.9M | $126.5M | $103.0M | $94.7M | $133.8M | $64.4M | $94.5M | $110.2M | $79.8M | $58.0M |
| Investing cash flow | -$93.9M | -$27.2M | -$30.0M | -$481.9M | -$691.3M | -$42.5M | -$65.9M | -$209.2M | -$131.4M | -$59.4M |
| Financing cash flow | -$296.3M | -$244.4M | -$205.3M | $452.0M | $485.7M | -$62.8M | -$83.3M | $63.9M | -$22.9M | -$28.5M |
| Dividends paid | $17.3M | $12.9M | $12.8M | $12.8M | $12.6M | $11.6M | $12.2M | $12.3M | $11.3M | $11.4M |
| Buybacks | — | — | — | $6.0M | $14.7M | $11.5M | — | $20.0M | $5.0M | $5.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-018677.
Others in SIC 1623
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|---|---|---|---|---|
| MTZ | MASTEC INC | $19.05B | 46.8x | 16.2% |
| DY | DYCOM INDUSTRIES INC | $9.06B | 31.4x | 17.9% |
| MYRG | MYR GROUP INC. | $4.46B | 38.1x | 8.8% |
| PLPC | PREFORMED LINE PRODUCTS CO | $1.95B | 55.8x | 12.7% |
| ESOA | Energy Services of America CORP | $220.0M | 589.5x | 16.8% |
| SKK | SKK Holdings Ltd | — | — | 16.6% |